ASX-listed Dexus and Canada Pension Plan Investment Board have sold out their joint half stake in Sydney’s 5 Martin Place for $310 million, at a 24 per cent discount from the office building’s peak value.

The transaction – to industry super fund Cbus Property which already owns half of 5 Martin Place – is the latest and strongest sign yet that the office market devaluation cycle is close to complete. Market experts have tipped as much as 25 per cent could be stripped from values as the office sector absorbs the cost of high rates and weaker tenant demand.